Are you tired of bad credit and the damaging effects of a low credit score? Well, there is good news. There are some very simple and quick ways to improve your negative status. Let’s take a look at 3 ways to improve your current situation:
1. Get a copy of your credit report from the three big bureaus: Equifax, Transunion, and Experian. Some people try to get by with just one of the bureau reports but it is important to get the three because they often have differing information on their reports.
Now, peruse through your report carefully and look for errors, omissions, and falsehoods. If you do in fact come across any errors then be sure to dispute them by way of written letter detailing the specific problem. When you do send the letter be sure that it is certified mailed in order to track it down if there are claims that the credit bureau “never received it.”
2. Be careful to send your current payments on time and do not open any extra credit cards as this counts against you. Once you have a handle on current payments do what you can to pay the accounts down and then finally pay them off. It may seem impossible now but it can be done little by little. I know this because I have done it myself in otherwise impossible financial situations.
Also, be sure to request proof that your account is closed once you have paid it off as this single issue often results in significantly lower credit scores.
3. If you are trying to re-establish your credit open a small credit limit credit card that you are able to pay back on a monthly basis. If you cannot qualify for an unsecured card be sure to get a secured card as this will be a good starting point.
If You Can Read and Write at The 5th Grade Level I Can Show You How to Read the rest of this entry »
Gift giving credit cards are marketed by credit card companies under the guise that you will be donating a large wedge of cash to your favourite charity every time you use it. To be honest with you, nothing could be further from the truth! Read this article to find out why you should dump your charity card today and what your real gift giving credit card options are.
The reason you should get rid of the charity credit card in your wallet is quite simple; your credit card company is taking you for a fool! Now before we go any further, let me back that previous statement up with some hard facts. The majority of gift giving or charity cards only give the charity up to a maximum of 0.3% of the value you spend on your card. This is compared to an average 2% charge that the credit card companies levy on Retailers etc., every time you use your card. So from this quick analysis, it’s easy to see who’s making all the money here, right?
If you do believe in charitable donations and want to give via a credit card, what is the most efficient way of doing so? The answer my friend is staring you in the face. Sign up for the best cash back credit card you can get your hands on. If you do your homework properly, you should be able to get one that pays out at a rate of 1% (compare this to the 0.3% above!). Over the course of a year this can really mount up, especially if you use your cash back card for all of your monthly expenditure and pay it off in full each month.
For more tips on how to better a Gift Giving Credit Card and related issues like Read the rest of this entry »
Paying off credit card debt with 0% interest is a dream come true - which is exactly why a large number of credit card companies offer the promotions. They know it will attract new customers who have debt with other credit card companies to transfer that debt to their cards. But where is the value to the company offer the credit card balance transfer offer; if they let you repay that debt with 0% interest?
Whenever you see credit card promotions that sound like they’re going to be a good deal for you, it’s best to look into them closely and make sure you read all of the “fine print”. A 0% balance transfer is typically good for a specific length of time, six months or twelve months are the most common terms. If you have several thousand dollars of debt on a higher interest credit card and take advantage of a 0% balance transfer offer for twelve months, the credit card company is betting on you still having a balance once the promotional period ends. When the six or twelve months of no interest repayments end, the balance will start being repaid with interest.
A common mistake many people make when transferring balances under the six or twelve month 0% promotional offers, is not checking what the interest rate will be after the promotion ends. If you’re moving a balance that you are currently paying 9% interest to a card with an interest rate of 19% after the promotional period ends - unless you are able to pay it off completely during the 0% interest period, you are not likely to benefit financially over the long term. You would have to start looking for another 0% balance transfer offer, or pay the higher interest until the balance is paid off.
The other often overlooked factor of balance transfer offers with 0% interest is that most of them charge a transfer fee. The fee can range from 1% to 5% of the amount transferred. T Read the rest of this entry »
